Ask Matt: Which stocks does Buffett really own?

A: Big-time investors like Warren Buffett of Berkshire Hathaway must report their large stock holdings. But they don’t have to make it easy for you — and Buffett doesn’t.

The easiest way to look up Buffett’s holdings is by diving into the company’s annual report. Buffett discloses the 15 largest holdings, by market value, at the end of the year.

But here’s where things get confusing. Berkshire also discloses top holdings on quarterly basis in a regulatory filing called a 13F, and the numbers there, in many cases don’t match with those in the annual report.

Why the confusion? The 13F only includes U.S. holdings, says Robert Johnson, professor of finance at the Heider College of Business at Creighton University. And the annual report numbers don’t include holdings in pension funds linked with Berkshire.

The annual report, for instance, says Berkshire owned 22.1 million shares of healthcare company Sanofi, much higher than the 3.9 million reported in the 13F. But that is because the 13F only includes the American Depositary Receipt shares listed in the U.S., not the shares listed on the Euronext Paris market, Johnson says. And the annual report shows Berkshire owns 22.2 million shares of broadcaster DirecTV. But that excludes 14.3 million shares owned by pensions plans of Berkshire units, Johnson says.

USA TODAY markets reporter Matt Krantz answers a different reader question every weekday. To submit a question, e-mail Matt at mkrantz@usatoday.com or on Twitter @mattkrantz